Abstract
At the World Bank we are learning that economic development is more of a process of knowledge accumulation than of capital accumulation, all the more pertinent because the creation and dissemination of knowledge are accelerating rapidly. The stock of understanding of knowledge itself is growing more rapidly as a result of advances in our understanding of scientific principles. In addition, rapid developments in information and communications technologies (in part the results of these advances) are themselves speeding the rate of generating and diffusing knowledge. This is largely being achieved by reducing the cost of codifying and processing information.
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